On an earnings call this week, CFO Phong Le revealed that MicroStrategy had missed its earnings predictions by almost 800% and faces impairment expenses of over $170M on its digital asset holdings.
The U.S. Securities and Exchange Commission, headed by Gary Gensler, has objected to MicroStrategy’s adjustment for Bitcoin impairment charges using non-GAAP measures.
MicroStrategy executives have sold off nearly US$175 million in company stock over the past year, cashing in on a bull run in both company share and BTC prices.
An outsider to the digital asset world, Jon Gordon invites CoinGeek's Bitcoin Historian Kurt Wuckert Jr. to the Positive University to explain Bitcoin and what the past decade has been all about.
It looks like Michael Saylor, the chairman, president and CEO of MicroStrategy, does not quite understand how Bitcoin works.
Michael Saylor and MicroStrategy have taken up a lot of space in the news thanks to their aggressive accumulation of BTC, but as is often the case with digital asset hype, the red flags are too many to ignore.